IT : No penalty could be levied under section 271(1)(c) where filing of erroneous claim by assessee was found to be bona fide mistake and entire exercise resulted into tax neutrality
Thursday 12 September 2013
No deemed dividend when sum advanced by co. to its shareholder was on account of commercial transact
IT: Where assessee held more than 10 per cent shares of a company 'B' and he on basis of an agreement received a sum of Rs. one crore from 'B' in advance against transaction of sale of his cold storage, amount received was on account of commercial transaction and section 2(22)(e) was not applicable to said transaction
Cleaning is a prerequisite for manufacturing activities, it's eligible for input service credit
ST : Cleaning is a prerequisite for manufacturing activity and is integrally connected therewith and, therefore, cleaning services are eligible for input service credit
NP margin of assessee can be adjusted to ease comparison with uncontrolled entities; future profits
IT/ILT : In terms of sub-clause (i) of rule 10B(1)(e) of 1962 Rules, net profit margin of tested party [i.e. assessee] drawn from its financial accounts can be suitably adjusted to facilitate its comparison with other uncontrolled entities/transactions
Interest free loan from one charitable society to another with similar objects is not restricted
IT: Interest free loan advanced by one charitable society to another having similar object, does not fall in purview of section 11(5)
India Eyes Cotton Export Duty, Hopes To Boost Value-Added Textile Sales
12-Sep-2013
India could slap a 10 percent duty on cotton exports as early as Thursday as it wants to boost overseas sales of value-added textiles to take advantage of a weak rupee and help reduce a yawning current account deficit, government sources and industry officials said.
It hopes the tax would encourage the sale of more cotton in domestic markets, which would be used to make textiles and garments that could be shipped overseas, generating more money than simple cotton exports.
India, the second-biggest cotton producer after China, is expected to have a bumper harvest this year as ample rains are likely to increase yields. The government will decide how much is surplus and available for export. Any curb on cotton exports could boost flagging global prices.
The government is trying to reduce its current account deficit, which hit a record 4.8 percent in the year ending March 31, 2013, taking advantage of what is otherwise a damaging fall in the rupee of some 16 percent against the dollar since June 1.
Other measures being discussed for approval at a cabinet meeting later on Thursday include raising India's access to World Bank loans by $4.3 billion and a long-standing plan to build two microchip factories with government subsidies to attract an estimated $4 billion investment.
India earned about $8.94 billion from cotton exports in 2012/13, equivalent to some 2.97 percent of total exports.
Cotton sales overseas were already expected to drop by a fifth to about 10 million bales of 170 kg each in the marketing year that ends this month because of high domestic prices and a lack of interest from China, which has massive stocks.
The Cotton Association of India (CAI) on Thursday increased its estimate for Indian cotton output in the year starting this October by 0.3 million bales to 37.5 million, compared with 35.7 million a year ago. Domestic consumption is likely to be 27-28 million bales.
"The government is taking steps to promote value-added textile exports. Any kind of duty on cotton exports would hit overseas demand for Indian cotton and would reduce farmers' returns," said Arun Kumar Dalal, a trader from Ahmedabad, a key cotton market in Gujarat.
India's agriculture ministry favours unrestricted cotton exports to support farmers, while the textile ministry opposes that as it wants to protect the domestic textile industry.
Demand from India's domestic yarn and textile industry has already pushed domestic prices above export offers. Rival supplies from South Africa and Pakistan are available at 86-90 U.S. cents per lb compared with New Delhi's 91-93 cents per lb.
And cotton purchases by China, India's biggest buyer, fell 36 percent in the first seven months of this year. The United States is the No. 1 supplier to China ahead of India.
Measures discussed on Thursday could also include other steps for increasing cotton availability for textiles mills, which have been complaining of higher prices for the fibre, said government sources directly involved in decision making.
India's government has scrambled to find ways to prop up the rupee, which hit a record low last month, and curb its current account deficit by promoting exports and reining in imports of non-essentials such as gold.
Source:- in.reuters.com
Kv Thomas Asks Sugar Mills To Look At Exports To Clear Cane Dues
12-Sep-2013
Sugar mills should focus on exports to clear payment of dues to cane farmers as the country's output of the sweetener is likely to exceed domestic demand for the fourth consecutive marketing year, Food Minister K V Thomas said today.
Exports will help mills to clear sugarcane arrears to farmers and also lead to foreign exchange earnings, he said, while acknowledging the industry for ensuring steady supply of sugar at almost stable prices after decontrol.
"It is indeed a matter of pride that we are looking at a comfortable sugar position for the fourth year in a row," Thomas said at the AGM of the National Federation of Co-operative Sugar Factories (NFCSF).
India's sugar production is estimated at 25 million tonnes in the 2012-13 marketing year (October-September) as against domestic consumption of 22-23 million tonnes. Industry has pegged 2013-14 output at 23.7 million tonnes and the figure may be revised upwards on better monsoon.
"Currently, exports of sugar are under the open general license, subject to registration with DGFT (under the Commerce Ministry). With the present exchange rate, I am sure that some players in the industry would look at the option of export, which will also help us to earn some precious foreign exchange," he observed.
As of July 31, sugar mills owed cane farmers about Rs 3,000 crore, mostly by mills in Uttar Pradesh, which have incurred a loss of about Rs 3,000 crore in the 2012-13 marketing year due to higher cost of production.
On the industry's demand to raise import duty from the existing 15 per cent, Thomas said imports are not viable at the current exchange rate.
Thomas asked the mills to help meet the requirements of ration shops in states, especially those that do not produce sugar, by offering them attractive prices and logistics support.
The minister said the Centre has already asked sugarcane producing states to consider the recommendations of the Rangarajan Committee related to cane area reservation and a revenue sharing formula between farmers and mills.
"The government of Karnataka, I believe, has already taken positive steps in this direction. I would request the industry to follow up with the state governments concerned for promoting rational policies, which will make the industry competitive while sharing the gains with sugarcane farmers," Thomas said.
Source:- economictimes.indiatimes.com
Cci To Probe Coal India Fuel Pact With Sponge Iron Makers
12-Sep-2013
Fair trade regulator CCI has ordered a probe into the allegations that state-run Coal IndiaBSE 1.88 % and its subsidiaries abused dominant market position in supplying fuel to sponge iron manufacturers.
The probe against the country's largest coal miner comes on a complaint filed by Sponge Iron Manufacturers Association.
Finding prima facie evidence of abuse of dominant market position, the Competition Commission of India (CCI) on July 27 directed a probe against Coal India and its six subsidiaries, an order posted on CCI website today said.
These subsidiaries are -- Central Coalfields, Eastern Coalfield, Western Coalfields, South Eastern Coalfields, Northern Coalfields and Mahanadi Coalfields.
The fair trade regulator has asked the Director General, its investigation arm, to club the probe of this latest case with three other matters of similar nature that are currently been investigated against Coal India.
Sponge Iron Manufacturers Association has alleged Coal India of various anti-competitive practices such as one-sided Fuel Supply Agreement (FSA) and MOUs and short supply of coal despite an assured quantity under FSA or under the New Coal Distribution Policy (NCDP).
It also charged CIL of diverting coal mandated to be supplied under FSA to sale through e-auction to earn super normal profits, among others.
CCI said that it was "apparent" from information provided that the association's member companies were totally dependent on Coal India and its subsidiaries for supply of coal for running their sponge iron plants.
"Taking advantage of their dominant position, Opposite Parties (Coal India and its subsidiaries) were allegedly not adhering to the terms and conditions in the FSA/MOUs and conducting themselves in a manner detrimental to the interest of the informant," CCI said.
"The terms and conditions of FSA also show it being heavily loaded in favour of Opposite Parties," it added.
Earlier, the Commission had ordered probe against Coal India following complaints from different entities including Maharashtra State Power Generation Company (MAHAGENCO) and West Bengal Power Development Corporation.
Source:- economictimes.indiatimes.com
Russia Lifts Ban On Imports Of Indian Non-Basmati Rice, Oilseeds
Russia has lifted the ban on import of non-basmati rice from India on 10th September and also lifted the ban on the oilseeds apart from non-basmati rice, reports media.
This move will eventually lead to an increase in the export of non-basmati rise from India.
"Now Russia has lifted ban on import of non-basamti rice from India and we hope to make significant gains in the Russian market. They have also removed ban on oilseeds," Commerce and Industry Secretary S R Rao told media in New Delhi recently.
The Russian Federation had imposed the ban eight months ago due to the presence of khapra beetles pest in rice and aflatoxin contamination of peanuts.
Russia decided to remove restrictions after its officials visited processing units in India in June. The delegation was convinced about the safety measures that were put in place here while processing these food items, the official said.
The resumption of trade comes as the country seeks to boost exports to address the current account deficit.
India is the world's second largest rice producer, with an output of 104.40 million tonnes in the 2012-13 crop year (July-June). The country exports significant quantity of basmati and non-basmati rice in the overseas markets.
International Grain Council (IGC) has recently projected that the country may export 8.5 million tonnes in 2013-14, down by almost 10 per cent from 9.4 million tonnes shipments made in the last year.
According to the media reports, this followed a visit to India by a high-level delegation representing Russia's foreign ministry earlier this year, and hectic negotiations, which included India's promise to comply with the country's food safety regulations. The Russian government recently issued a notification in this regard.
It was pointed out in the notice that during the Russian delegation's visit, the Indian side guaranteed compliance. It added that this resulted into their agreement to allow the import of non-basmati rice, cereals and peanuts from India with effect from September 1, 2013.
Source:- smetimes.in
Steel Authority Of India Plans Cost Cuts
12-Sep-2013
State-run Steel Authority of India Ltd. said Thursday it is looking to save about 50 billion rupees ($787 million) over the next three years through improved operational efficiencies and related cost cuts.
Steel companies globally are hit by weak demand amid an increase in raw-material cost and they are cutting cost to reduce margin pressure.
Indian companies are affected also by a fall in the value of the rupee currency, which has further increased their cost on imported raw materials. Steel Authority sources iron ore locally, but imports coking coal.
"Indian steel companies are facing the dual challenge of high cost of production on one hand and lower sales realization [because of weak demand] on the other," Steel Authority said in a news release.
"The cost of production is being driven up by the volatility in the prices of coal, higher railway freight, power tariff, royalty on minerals, depreciation of the rupee, etc., while prices are flat due to prevailing market conditions leading to severe pressure on margins," it said.
Steel Authority will reduce wastage, improve operational efficiency and work at enhancing employee productivity to reach its target, the company said.
The company didn't give details on the plan. Its spokeswoman didn't immediately respond to phone calls.
The company produced 13 million metric tons of steel in the last financial year ended March 31. It has a target to increase production to 50 million tons a year by 2025.
Source:- online.wsj.com
India Can Export Additional 10Mt Iron This Year
12-Sep-2013
India would be able to ship out an additional 10-million tonnes of iron-ore during the remainder of the current fiscal year, with the government moving fast to slash export tax, according to the Mines Ministry.
Even without the ban on iron-ore mining in the Karnataka and Goa provinces being lifted, lowering export tax from 30% to 20% would enable miners to export an additional 10-million tonnes during the October 2012 to March 2014 period, the Mines Ministry said in a note prepared to support the reduction in export duty.
This could bump up total exports during the current year to 20-million tonnes, which is double the current estimates, the Ministry noted, observing that this would still be drastically lower than 117-million tonnes achieved three years ago before the clamp-down on illegal mining dealt a body blow to Indian iron-ore exports.
The Ministry was pushing for an early decision to prune the export duty to enable exporters to ride the current strenghtening, since June, of global iron-ore prices. Export offers for high-grade Indian iron-ore fines (with grading of 65.5% and above) had firmed up $10 to $15 over the past month to current levels of $135/t to $137/t CFR China.
The sharp depreciation of the Indian rupee against the dollar - 20% since April 2013 - had also triggered a rush to push exports, but traders representing Chinese steel mills were unable to commit to transactions with Indian miners/traders at the desired volumes, as most mines were going slow in increasing production owing to policy uncertainties, a representative of the Federation of India Mining Industry said.
A quick reduction in export duty would instill confidence among international iron-ore fines buyers over the stability of Indian policy and also enable miners to plan their production to factor in domestic demand for lumps and exportable surplus of fines, he said.
The Mines Ministry was preparing an affidavit to be submitted before India’s Supreme Court seeking resumption of mining in the iron-ore-rich provinces of Goa and Karnataka, where the court had imposed a ban following recommendations from a court-appointed and -empowered investigating committee.
Source:- miningweekly.com
Global Cotton Outlook Raised As India Crop Gains, Usda Says
12-Sep-2013
Global cotton production will be 0.9 percent bigger than forecast last month on improved crop prospects in countries including Brazil and India, the U.S. Department of Agriculture said.
World output will total 117.42 million bales in the 12 months that began Aug. 1, more than the 116.38 million forecast last month, the USDA said today in a report. Analysts surveyed by Bloomberg News on average forecast 117 million bales. Stockpiles may be 94.73 million, up from 93.77 million.
Production in the U.S., the world’s largest shipper, will be 12.9 million bales, 1.1 percent lower than last month’s forecast. Analysts estimated 13.18 million.
Cotton for December delivery fell 0.1 percent to 84.26 cents a pound at 12:39 p.m. on ICE Futures U.S. Before the USDA report at noon, the price rose as much as 0.6 percent. After the data, the fiber dropped as much as 0.9 percent.
Trading was 20 percent below the 100-day average for this time, according to data compiled by Bloomberg.
Through yesterday, futures climbed 12 percent this year.
A bale weighs 480 pounds, or 218 kilograms.
Source:- bloomberg.com
Us Senator Asks India To Stop Oil Imports From Iran
An influential American Senator on Thursday asked India to stop import of oil from Iran, as the Obama Administration defended its decision to grant a sanctions waiver to New Delhi.
"The Indians' purchase of oil from Iran, in my judgment, endangers the entire world community and is a destabilizing factor for the Middle East," Senator Jim Risch, a member of the Senate Foreign Relations Committee, said during confirmation hearing for Nisha Desai Biswal, nominated as Assistant Secretary of State for South and Central Asia.
Risch asked Biswal to convey his concerns about import of oil from Iran to India. "Tell them at least some members of this body are deeply disappointed in what they're doing," he said.
US Senator asks India to stop oil imports from Iran US Senator asks India to stop oil imports from Iran Biswal defended the waiver decision, saying Iran used to be India's second-largest supplier, but is now fifth or sixth. "I understand they keep telling me, well, they've reduced it. Well, again, you don't need to reduce it; you need to just quit it. And that'd be my message to them," Risch said.
"I was one that was deeply disappointed when the waiver was granted. I don't understand it. We have a clear policy as far as our embargo with Iranian oil and other products," he said, adding that he recently met the Indian Ambassador to the US in this regard, but remains unsatisfied.
"With oil being as fungible as it is and as widely available as it is, there's absolutely no reason for India to purchase oil if indeed they want to support the world community and indeed want to support us as a friend and a partner. "For them to be buying anything from Iran - I understand it's a long-standing relationship and what have you, but the Iranians have demonstrated that it's going to take who knows what to stop them from the path that they're on," he argued.
Senator Jim Kaine, chairing the hearing, said that India needs to tell the Iranians that it will stop import of their oil if they continue their present policy on nuclear weapons.
"Working with your Indian counterparts, it can maintain a relationship with Iran by saying, look, we're going to eliminate our purchases or dramatically cut them even more unless and until you make plain that you don't have a path toward nuclear weaponry, but as soon as you do, we're not only going to buy what we're buying, we want to buy more," he said.
In her response, Biswal said if confirmed, she would work with her Indian counterparts in this regard. "I am aware that Indian imports of Iranian crude have gone down significantly since the sanctions have been in place. Iran used to be the number two supplier, and it is somewhere in the neighborhood of five or six on that list currently," Biswal said.
Source:- ibnlive.in.com
Gold Prices In India Drop To Near 1-Month Low, Demand Sluggish
12-Sep-2013
Gold prices in India fell to their lowest in nearly one month on Thursday, tracking overseas markets, but spot demand was subdued as jewellers hugged the sidelines hoping for prices to drop further.
At 0815 GMT, the benchmark October contract on the Multi Commodity Exchange (MCX) was 1.36 percent lower at Rs 30,265 per 10 grams. It hit a low of Rs 30,200 earlier in the day, a level last seen on Aug 16.
August gold ETF outflows highest in five years on profit-booking
"Demand is weak. Buyers are waiting for prices to fall below Rs 30,000. They are comfortable with buying around Rs 29,500. At that level, they can start restocking for the festival season," said Daman Prakash Rathod, director with Chennai-based wholesaler MNC Bullion.
The rupee plays an important role in determining the landed cost of the dollar-quoted yellow metal. It eased on Thursday.
In the overseas market, gold fell more than 1 percent to its lowest level in four weeks on Thursday, as hope grew that a US strike on Syria could be avoided and on expectations the US Federal Reserve would start to unwind its monetary stimulus soon.
The customs department issued guidelines for gold imports last week. India is the world's top consumer of the metal.
Silver for September delivery on the MCX was 1.69 percent lower at Rs 51,554 per kg.
Source:- financialexpress.com
No abuse of dominant position by real estate developer when other players are also present in same a
Competition Act: Where buyer was not dependent upon OP for provisioning of residential flat and there were many other real estate developers offering flats in same area, there was no question of abuse of dominant position by OP
Duty debit in FMS/FPS/AIIS/VKGUY/SHIS credit scrips by buyer amounts to 'payment of duty'; goods are
ST : Duty Debit by Buyer of Excisable Goods in his Focus Product Scheme (FPS), Focus Market Scheme (FMS), Agriculture Infrastructure Incentive Scrip (AIIS), Vishesh Krishi and Gram Udyog Yojana (VKGUY) & Status Holder Incentive Scheme (SHIS) Duty Credit Scrips Amounts to 'Payment of Duty'; Said Goods Cannot be Regarded as 'Exempted Goods' So as to Warrant Reversal Under Rule 6 of Cenvat Credit Rules, 2004
RBI/2013-14/251 A. P. (DIR Series) Circular No.42 dated 12-09-2013
RBI/2013-14/251
A. P. (DIR Series) Circular No.42
September 12, 2013
To
All Category-I Authorised Dealer Banks
Madam / Sir,
Foreign Investment in India – Guidelines for calculation of total foreign investment in Indian companies, transfer of ownership and control of Indian companies and downstream investment by Indian companies
Attention of Authorised Dealers Category – I (AD Category - I) banks is invited to Para 6 (ii) of Annex to A.P. (DIR Series) Circular No. 1 dated July 04, 2013 as regards downstream investments by an Indian company which is not owned and/or controlled by resident entity/ties.
- On review of the policy, it has now been decided to amend condition at (d) in the aforesaid para. The amended condition is given in the Annex.
- All the other conditions contained in the A.P. (DIR Series) Circular No.1 dated July 04, 2013 , shall remain unchanged.
- AD Category - I banks may bring the contents of the circular to the notice of their customers/constituents concerned.
- Reserve Bank has since amended the Regulations and notified vide Notification No. FEMA. 284/2013-RB dated August 27, 2013 and notified vide G.S.R.596 (E) dated September 06, 2013.
- The directions contained in this circular have been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.
Yours faithfully,
(C.D. Srinivasan)
Chief General Manager
[Annex to A.P.(DIR Series)
Circular No.42 dated 12.09.2013]
| c.f. Annex to A.P.(DIR Series) Circular No. 1 dated June 04, 2013 | Earlier Condition | Revised condition |
| Para E 6 (ii) (d) | For the purpose of downstream investment, the Indian companies making the downstream investments would have to bring in requisite funds from abroad and not use funds borrowed in the domestic market. This would, however, not preclude downstream operating companies, from raising debt in the domestic market. Downstream investments through internal accruals are permissible by an Indian company engaged only in activity of investing in the capital of another Indian company/ies, subject to the provisions above and as also elaborated below: | For the purpose of downstream investment, the Indian companies making the downstream investments would have to bring in requisite funds from abroad and not use funds borrowed in the domestic market. This would, however, not preclude downstream operating companies, from raising debt in the domestic market. Downstream investments through internal accruals are permissible by an Indian company engaged only in activity of investing in the capital of another Indian company/ies, subject to the provisions of clause 6(i) and as also elaborated below: |
TPO can proceed afresh if comparables chosen by assessee are unreliable; no upper limit on number of
IT/ILT: There is no embargo on Transfer Pricing Officer to carry out fresh search when comparables chosen by assessee are unreliable, as there is no limit fixed on number of comparables to be used
COMMISSIONER OF INCOME TAX-XIII Vs. BANSAL COMMODITIES AND ORS.
IN THE HIGH COURT OF DELHI AT NEW DELHI
Reserved on: 02.07.2013 Decided on: 10.09.2013
+
RFA(OS) 17/2010, APPL.3611/2010
C.M.
APPL.3608/2010
&
C.M.
COMMISSIONER OF INCOME TAX-XIII ..... Appellant versus BANSAL COMMODITIES & ORS. ..... Respondents
Through: Sh. Sanjeev Rajpal, Advocate, [for Resp. No.2 in Item No. 6 and for appellant in Item No.7). Sh. V.N. Jha and Sh. Shashwat Bajpai, Advocates (Item Nos.6 and 7) Sh. Sandeep Sethi, Sr. Advocate with Sh. Mahendra Rana, Advocates. CORAM: HON'BLE MR. JUSTICE S. RAVINDRA BHAT HON'BLE MR. JUSTICE NAJMI WAZIRI MR. JUSTICE S. RAVINDRA BHAT %
RFA (OS) 92/09 & RFA (OS) 17/10
Page 1
ST demand can't be made under a category not specified in the show cause notice
ST : Where show cause notice sought classification under consulting engineering services but demand was confirmed under "Erection, Commissioning and Installation Services", demand was, prima facie, not maintainable
Additional evidence couldn't be admitted if assessee neither produced books nor complied with notice
IT: Where assessee had failed to produce documents during assessment and failed to establish reasonable cause therefor and, further, did not comply with notices of Assessing Officer, additional evidence could not be accepted in appeal
Sums incurred on accommodation, hospitality and entertainment for business purposes are eligible for
ST/ECJ: Where expenditure on accommodation, food, hospitality and entertainment is incurred for strictly business purposes, such expenditure is eligible for input credit
No sec. 69 additions for deposits in saving account when valid reasons were given by assessee for su
IT: Where assessee's explanation regarding deposit in his saving account was true and supported by bank details, addition of cash deposit as unexplained was not warranted
Opposite party was abusing its dominant position as informant was wholly dependent on it for supply
Competition Act : Where opposite party (OP) held dominant position in relevant market of sale of coal and informant was totally dependent on OP for supply of coal for generation of electricity, conduct of OP was to be investigated for alleged contravention of provisions of Competition Act
FORM NO. 34B APPLICATION FOR SETTLEMENT OF CASES (See section 245C of the Income-tax Act, 1961 and rules 44C and 44CA of the Income-tax Rules, 1962)
FORM NO. 34B
APPLICATION FOR SETTLEMENT OF CASES (See section 245C of the Income-tax Act, 1961 and rules 44C and 44CA of the Income-tax Rules, 1962)
In the Settlement Commission At ................... Bench Settlement Application No. .........20.....20......... PAN
Name
PART-A PERSONAL INFORMATION
Flat/Door/Block No.
Name of Premises/ Building/Village Area/Locality State Pin Code (i ) (ii) (iii) ( iv ) (v) ( vi ) ( vii )
Status
(Tick) ;
Road/Street/Post
Office
Town/City/District
E-mail Address
STD code and Phone Number ( )
Individual Hindu undivided family Company Firm Cooperative Society Local Authority Association of persons Body of individuals not covered by (v) or (vi)
PART-B ASSESSMENT JURISDICTION AND FILING STATUS
1.
Designation of Assessing Officer (Ward/Circle)
2.
The Commissioner having jurisdiction over the applicant
3.
Assessment year(s) in connection with which the application for settlement is made and the date of filing the return
1.
PART-C PARTICULARS OF INCOME DISCLOSED AND PAYMENT OF ADDITIONAL TAX AND INTEREST
The date from which the proceedings are pending. (Assessment year wise)
2.
Particulars of the issues to be settled, nature and circumstances of the case. (Assessment year wise)
3.
Full and true disclosure of income which has not been disclosed before the Assessing Officer. (Assessment year wise)
4.
The additional amount of income-tax payable on income referred to in (3). (Assessment year wise)
5.
Interest payable. (Assessment year wise)
6. 7.
Total of (5) and (6) Date of payment of tax and interest referred to in (7)
INCOME TAX APPELLATE TRIBUNAL: CHENNAI BENCHES CHENNAI REVISED CONSTITUTION FOR THE WEEK FROM16/9/2013TO19/09/2013
[unable to retrieve full-text content]INCOME TAX APPELLATE TRIBUNAL: CHENNAI BENCHES CHENNAI REVISED CONSTITUTION FOR THE WEEK FROM16/9/2013TO19/09/2013 {ad} For more information...
INCOME TAX APPELLATE TRIBUNAL: KOLKATA ZONE KOLKATA DATE 10TH SEPTEMBER 2013
[unable to retrieve full-text content]INCOME TAX APPELLATE TRIBUNAL: KOLKATA ZONE KOLKATA DATE 10TH SEPTEMBER 2013 {ad} For more information...
Govt to table goods, services tax Bill in winter session
Union Minister of State for Finance J.D. Seelam on Wednesday said that the Goods and Service Tax (GST) Bill will be placed before Parliament during the ensuing winter session to pave the way for its early implementation.
“There is near-consensus between the Finance Minister and the Chairman of the Empowered Committee of States’ Finance Ministers. We can table it (the Bill) during the winter session,” he told media persons on the sidelines of a meeting with industrialists here today.
The original deadline for the rollout of the new tax regime was April 2010, but it missed several deadlines in the wake of differences between the Centre and states over issues such as central sales tax compensation and the structure of the GST.
In July, the Empowered Committee elected Jammu and Kashmir Finance Minister Abdul Rahim Rather as its new chairman. Seelam said various sub-groups were looking into the recommendations made by the Parliamentary Standing Committee and the Bill will be suitably fine-tuned before the winter session.
Replying to the various proposed reforms and other measures to push the flagging economy, Seelam said the Government was doing its best, as after two or three months the election atmosphere would set in. “Clearly, we do not have much time,” he said.
He hinted that the Ministry could take some steps to curb import of a few more non-essential items. On tax collections, the Minister said normally the first quarter figures were low. “But the collections are showing improvement from the second quarter,” he said.
On the issue of disinvestment in PSUs, he said the Government was confident of meeting the Rs 40,000-crore target by the end of the current fiscal.
Sums incurred on accommodation, hospitality and entertainment for business purposes are eligible inp
ST/ECJ: Where expenditure on accommodation, food, hospitality and entertainment is incurred for strictly business purposes, such expenditure is eligible for input credit
Exp. incurred exclusively for business to be allowed unless it is reimbursed by or claimed by anothe
IT: Where expenditure was actually incurred by assessee and was not reimbursed by contractee, disallowance, would not be permissible
HC denied sec. 54F relief as assessee failed to establish that asset transferred was a long-term cap
IT: Unless land sold is proved to be long-term capital asset, section 54F exemption cannot be availed
Service Tax Notification No 13/2013 (ST) dated 10-09-2013
Government of India
Ministry of Finance
(Department of Revenue)
Notification No.13/2013 - Service Tax
New Delhi, 10th September, 2013
G.S.R....(E)._ In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.25/2012-Service Tax, dated the 20th June, 2012 , published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide G.S.R. 467 (E), dated the 20th June, 2012, namely:-
In the said notification, in the opening paragraph, after entry 9, the following entry shall be inserted namely:-
“9A. Any services provided by, _
- the National Skill Development Corporation set up by the Government of India;
- a Sector Skill Council approved by the National Skill Development Corporation;
- an assessment agency approved by the Sector Skill Council or the National Skill Development Corporation;
- a training partner approved by the National Skill Development Corporation or the Sector Skill Council
in relation to (a) the National Skill Development Programme implemented by the National Skill Development Corporation; or (b) a vocational skill development course under the National Skill Certification and Monetary Reward Scheme; or (c) any other Scheme implemented by the National Skill Development Corporation.”
[F. No. 356 /17/ 2012-TRU]
(Raj Kumar Digvijay)
Under Secretary to the Government of India
Note.- The principal notification was published in the Gazette of India, Extraordinary, vide notification No. 25/2012 - Service Tax, dated 20th June, 2012 , vide G.S.R. 467 (E), dated the 20th June, 2012 and was last amended by notification No. 3/2013- Service Tax, dated the 1st March, 2013 vide G.S.R. 153(E), dated the 1st March, 2013.
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